| 1. |
VASPs shall appoint a Money Laundering Reporting Officer who—
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a. |
possesses at least two [2] years of experience handling AML/CFT matters; and |
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b. |
is a Fit and Proper Person [MLRO]. |
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Such appointment shall be reviewed annually to ensure that the MLRO remains a Fit and Proper Person capable of discharging all relevant duties. VARA has the sole discretion to request a VASP to provide such evidence as VARA may require which shows that the above requirements are satisfied. In addition, VARA shall take into consideration any failures by an individual to comply with Part III of this Compliance and Risk Management Rulebook when assessing whether an individual is a Fit and Proper Person.
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| 2. |
The MLRO shall be responsible for—
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a. |
ensuring the Board and Staff are properly and adequately trained in respect of their understanding and compliance with all applicable AML/CFT laws and regulatory requirements, particular those relevant to VA Activities; |
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b. |
developing and implementing AML/CFT policies and procedures as required under Rule III.B of this Compliance and Risk Management Rulebook; |
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c. |
conducting AML/CFT risk assessments in accordance with Rule III.D of this Compliance and Risk Management Rulebook and implementing all necessary changes to the VASP’s relevant policies and procedures to address such issues and risks; |
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d. |
monitoring and reporting Suspicious Transactions in accordance with Rule III.F of this Compliance and Risk Management Rulebook; |
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e. |
if necessary, ensuring appropriate corrective actions are taken in response to non-compliance with any Federal AML-CFT Laws; |
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f. |
reporting to the Board on a quarterly basis on the effectiveness of the VASP’s AML/CFT policies and procedures, identifying any failures in such policies and procedures and/or any non-compliance with any Federal AML-CFT Laws; |
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g. |
ensuring the quarterly reports required under Rule III.A.2.f of this Compliance and Risk Management Rulebook include a summary of all Anonymity-Enhanced Transactions and clients involved during that quarter; and |
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h. |
making the reports required under Rule III.A.2.f of this Compliance and Risk Management Rulebook available to VARA on request.
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| 3. |
AML/CFT activities may be delegated to appropriate Entities, provided that—
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a. |
the MLRO shall continue to be held accountable for all responsibilities and obligations in relation to the implementation of the relevant policies and procedures; and |
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b. |
all applicable requirements in the Company Rulebook, including Outsourcing management requirements, are complied with.
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| 4. |
Subject to relevant requirements in the Company Rulebook and if deemed appropriate by the VASP, the MLRO may hold more than one [1] non-client facing role within the VASP, provided such roles do not create conflicting duties, including but not limited to, the CO and the head of the risk function. VARA will take into account other roles held by the MLRO in determining whether the individual is a Fit and Proper Person.
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